ON JAN 11, 2024, the US Securities and Exchange Commission (SEC) approved the listing of 11 spot Bitcoin exchange traded funds (ETFs) from issuers such as BlackRock and ARK 21Shares. The SEC cautioned that the approval did not imply endorsement of Bitcoin.
Grayscale Bitcoin Trust has (GBTC) the largest assets under management (AUM) among the 11 ETFs. Created in 2013, it has a longer history. It was officially converted from a trust structure to an ETF following the SEC’s approval.
Prior to the ETF status, its AUM was at US$26 billion, accounting for more than 3 per cent of Bitcoin supply as at Dec 29, 2023. Despite its size, liquidity and longer track record, GBTC has the highest expense ratio...
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